September 19, 2023/Cordros Report
EQUITIES
The Nigerian equities market extended yesterday’s bullish performance following investors’ interest in BUAFOODS (+6.3%). Precisely, the All-Share Index advanced by 0.7% to 68,359.22 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +2.7% and +33.4%, respectively.
The total volume of trade increased by 31.3% to 676.74 million units, valued at NGN5.89 billion, and exchanged in 7,659 deals. UNIVINSURE was the most traded stock by volume at 235.15 million units, while UBA was the most traded stock by value at NGN1.22 billion.
Analysing by sectors, the Insurance (-0.4%), Oil & Gas (-0.2%), and Banking (-0.1%) indices declined, while the Industrial Goods Index closed flat. The Consumer Goods (+3.1%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.3x), as 35 tickers gained relative to 27 losers. ELLAHLAKES (+10.0%) and BERGER (+10.0%) recorded the most significant gains of the day, while SCOA (-10.0%) and NSLTECH (-10.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.3% to NGN776.60/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 131bps to 15.4%, in the absence of any significant inflows into the system.
The NTB secondary market traded with mixed sentiments, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 7.9%. Across the curve, the average yield closed flat at the short and mid segments but advanced at the long (+1bp) end due to sell pressures on the 324DTM (+9bps) bill. Elsewhere, the average yield was flat at 13.4% in the OMO segment.
In the same vein, sentiments in the Treasury bond secondary market were mixed but with a bearish undertone, as the average yield inched higher by 1bp to 14.4%. Across the benchmark curve, the average yield closed flat at the short and mid segments but expanded slightly at the long (+1bp) end as investors sold off the JUN-2053 (+5bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
